Blanchford Enterprises is considering a project that has the following cash flow data. What is the project's payback? Note that a project's projected IRR can be negative in which case it will be rejected.

Year:

0

1

2

3

4

5

Cash flows:

-$960

$330

$340

$350

$360

$370

Select the correct answer.

3.73 years

2.83 years

4.03 years

3.43 years

3.13 years